Xerox Profits Up; Sales Come In Less Than Expected

Xerox is reporting first quarter earnings that beat expectations in terms of profits, but fell short on the revenue side. The company earned 296 million dollars, up 10 percent from a year ago. But sales fell nearly three percent to just under $5.4 billion. The company says part of the reason for that is what Xerox CEO Ursula Burns describes as challenges in the document technology business. Xerox is also predicting that second quarter earnings will come in below expectations as the company looks to quicken the pace of its restructuring. A company spokesperson did not have precise numbers on how many more layoffs might result, but tells WXXI News that over time, that situation should self-correct as revenues pick up.